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Swedbank boasts largest profit for nine months among Latvian banks

RIGA, Dec 7 (LETA) - In the first nine months of this year Swedbank boasted the largest audited profit among Latvian banks, followed by ABLV Banka, and SEB Banka, according to the information published by the Latvian Association of Commercial Banks.

Four banks reported loss after the first nine months of this year - Baltic International Bank, PrivatBank, Expobank and Citadele.

In the first nine months of 2017, Swedbank posted EUR 69.077 million in profit, which is by 1.1 percent less than in the respective period in 2016. Swedbank’s profit accounted for 28.3 percent of the aggregate Latvian banking sector’s profit.

ABLV Banka posted the second largest profit – EUR 40.837 million or down 33.4 percent year-on-year, ensuring 16.7 percent of the aggregate profit. SEB Banka came third with EUR 30.664 million in profit, down 31.7 percent year-on-year and 12.6 percent of aggregate profit.

Two other banks made profits over EUR 10 million in the first nine months of this year. Rietumu Banka earned EUR 21.382 million in profit, down 3.7 times, while Luminor Bank’s profit (formerly DNB banka) reached EUR 19.037 million, down 35.6 percent.

At the same time, Baltic International Bank posted EUR 571,200 in loss, Privat Bank posted EUR 2.269 million in loss, Expobank posted EUR 4.492 million, and Citadele posted EUR 5.567 million in loss in the first nine months of this year.

The Latvian banking sector in the first nine months of this year earned EUR 243.891 million in aggregate profit, down 34.8 percent from the respective period last year.

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